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Reducing Systemic Risk in the Financial Markets

08.31.2007

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. (center) leads in the signing of a memorandum of agreement for the interconnection of the Philippine Dealing System (PDS) Holding Corporation Settlement Highway with the BSP Philippine Payments and Settlements System (PhilPaSS). The interconnection enables payment instructions for transactions done through the PDS to be transmitted directly to the PhilPaSS including foreign currency transactions, interbank and interdealer repo transactions and interbank fund transfers at very minimal cost. To date, all commercial banks and 50 percent of financial institutions settle various transactions with the PhilPaSS. With the Governor are, from left, Deputy Governor Armando L. Suratos, PDS Group President and CEO Vicente B. Castillo, Bankers’ Association of the Philippines President Ramon Y. Sy and Philippine Securities Settlement Corporation President Cornelia C. Dagdag.

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